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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 3 Months Ended
Mar. 31, 2022
USD ($)
Mar. 31, 2021
USD ($)
Cash Flows from Operating Activities:    
Net (loss) income $ (88,719) $ 50,799
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Net amortization 5,612 8,607
Depreciation and amortization expense related to operating real estate 35,586 1,923
Realized gains, net (3,806) (7,058)
Unrealized losses (gains), net 83,659 (26,166)
Gain on sale of real estate held for sale (370) 0
Loss on extinguishment of mortgages payable on real estate 603 0
Income from preferred equity, mezzanine loan and equity investments (10,506) (8,371)
Distributions of income from preferred equity, mezzanine loan and equity investments 19,936 7,549
Stock based compensation expense, net 1,352 994
Changes in operating assets and liabilities (5,165) (3,134)
Net cash provided by operating activities 38,182 25,143
Cash Flows from Investing Activities:    
Proceeds from sales of investment securities 24,374 111,628
Principal paydowns received on investment securities 21,303 21,682
Purchases of investment securities 0 (5,926)
Principal repayments received on preferred equity and mezzanine loan investments 9,200 11,875
Return of capital from equity investments 24,250 0
Funding of preferred equity, mezzanine loan and equity investments (19,191) (161)
Funding of joint venture investments in Consolidated VIEs (120,520) (10,250)
Proceeds from sale of real estate owned 681 1,637
Cash received from initial consolidation of VIEs 5,423 1,751
Net proceeds from sale of real estate held for sale 51,109 0
Purchases of and capital expenditures on real estate (103,122) (827)
Purchases of other assets (15) (18)
Net cash used in investing activities (576,855) (28,509)
Cash Flows from Financing Activities:    
Net proceeds received from repurchase agreements 372,281 130,748
Proceeds from issuance of collateralized debt obligations, net 508,819 0
Repayment of convertible notes (138,000) 0
Dividends paid on common stock and dividend equivalents (38,124) (37,808)
Dividends paid on preferred stock (9,924) (10,297)
Distributions to non-controlling interest in Consolidated VIEs (900) (3)
Payments made on and extinguishment of collateralized debt obligations (48,664) (35,834)
Payments made on Consolidated SLST CDOs (33,717) (27,299)
Net payments made on mortgages payable on real estate (6,947) 0
Net cash provided by financing activities 604,824 19,507
Net Increase in Cash, Cash Equivalents and Restricted Cash 66,151 16,141
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 337,861 304,490
Cash, Cash Equivalents and Restricted Cash - End of Period 404,012 320,631
Supplemental Disclosure:    
Cash paid for interest 25,972 19,304
Cash paid for income taxes 1 2
Non-Cash Investment Activities:    
Consolidation of real estate held in Consolidated VIEs 462,216 31,463
Consolidation of mortgages payable on real estate held in Consolidated VIEs 361,735 25,774
Transfer from residential loans to real estate owned 879 1,684
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 49,007  
Cash, Cash Equivalents and Restricted Cash Reconciliation:    
Cash and cash equivalents 303,762 290,977
Restricted cash included in other assets 100,250 29,654
Total cash, cash equivalents, and restricted cash 404,012 320,631
Common Stock    
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 38,514 38,035
Preferred Stock    
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 10,493 10,297
Residential loans    
Cash Flows from Investing Activities:    
Principal repayments received on residential loans 322,113 180,750
Proceeds from sales of residential loans 320 6,633
Purchases of residential loans $ (792,780) $ (347,283)